Direct Lender Payday Loans

How to quickly obtain direct lender payday loans

Direct payday loans are small amount of loans which are given for a short period of time. In present economic crisis period, millions of Americans live from one paycheck to another. And these loans come truly handy, especially when abrupt financial needs crop up between two paychecks and they need quick cash to handle those sudden but unavoidable cash crunches. Direct lender payday loans, sometimes also known as payday loans or cash advance loans, can be obtained online. From loan application submission to approval and disbursement of the loan – everything is done through Internet. So if you’re in need to such a loan, you can get the loan without visiting a lender’s office and answering to embarrassing questions related to your personal finance.

Finding a lender of direct lender payday loans

The loan industry is flooded with private lenders. Some of them are dependable and hundred percent legitimate, while there are some who conduct rapacious lending business. To avoid falling prey to such predatory lenders, you must be very careful. Here are some steps that would help you distinguish between a genuine lender and a rapacious lender. Opt out the latter option and choose the former one.

• Check the lender’s reputation – At the outset, you need to know whether or not your preferred lender offers the loan directly. There are many companies that claim themselves as direct payday lenders. But when you will go to deal with them, you may find them as a mediator.

• Check for the fees - On the website of the company, you will find a list of different types of fees including loan fees, services charges, early payment penalty and late payment penalty, and interest rates. This is mandatory by law for the payday lenders to make such information available to the borrowers before they apply for the loan. While visiting the site, make sure you check whether or not the site is secure. You must not share your personal and financial information with a company that doesn’t ensure privacy and security of your information.

• Check with BBB – Visit local office of Better Business Bureau (BBB). Here you will get any and every information about whether or not there is any complaint against your chosen lender.

• Check legitimacy using Internet – You can also check whether or not the company is legitimate by typing the word ‘scam’ or ‘fraud’ followed by the lender’s name on your favorite search engine. If there are any fraudulent activities done by the lender, the search engine will bring that up. Customers’ testimonials are also available online.

• Participate in online forums – Participate in online loan forums where the customers write their experience of working with different lending companies. Reading these would give you an idea about these private lending companies’ activities and customer service.

These are some of the important steps that would help you choosing a legitimate online payday lender.

Application procedure

Now it comes to how to apply for direct lender payday loans. While there is a financial emergency and you find nobody with you to help you get out of the situation, you may opt for a direct payday loan. You may also apply with local bank or credit union, provided you have a good credit rating. However, if your credit rating is poor, then you will hardly get such a loan from traditional lending institutions. And under such circumstances, the only option you have is to borrow from a private lender. There is no dearth of loan companies in the market that offer direct payday loans. Here is how to apply with direct lender payday loans.

• Choose a lender – First of all, you need to decide whether you want to choose a local lender or an online lender. Some lenders run their business locally, while others have online presence too. if you choose a local lender with a physical site, simply walk in the office with relevant documents and walk out with cash in hand on the same day. Online lenders mostly disburse the loan within 24 hours from applying for the loan; provided the borrower meets the eligibility criteria.

• Gather important documents – Now it’s time to gather important documents required for applying for a payday loan. The documents may include identification proof, income proof and bank statement. Local lenders usually ask the borrowers to issue a post-dated check in the lender’s name for the total loan amount plus applicable fees. They may also ask you for furnishing recent paystubs. However, online lenders generally don’t ask for these. In fact, there are many online lenders that don’t even require the borrowers to fax any document to approve the loan.

• Fill out the form – Now it comes to filling out the application form with correct information, especially the banking information. Whether a local lender or an online one, the lenders always verify borrowers’ information before they approve the loan and reject applications provided with wrong or false information.

• Ask about the pay back schedule – Many payday lenders want to get the money back on the borrower’s next salary day. But there are some companies that allow the borrowers to pay back the loan in easy installments. So even if you apply with any from the former group, you will still have the facility to pay back the loan in easy installments.

• Get the loan – Once you meet all qualifying criteria, you can expect to get your loan transferred to your bank account within next 24 hours.

Direct lender payday loans are good as long as you can pay them back in time. Otherwise, you may pay an arm and a leg in interests and that you must avoid.

We enlist the most legitimate lenders of direct lender payday loans. Most of these lender ensure no-fax payday loans.